The value of an emerging market mainly lies in the fact that we have emerging markets in developing economies, which can bring real material products to the world. We need to establish proper rules of collaboration between the financial and real sectors the economy. I believe this is a major problem today.
Without development of infrastructure, it is impossible to develop the economy and the social sphere.
I think we went through a very significant period in the high commodity cycle and the country benefited quite a lot from it. But I don’t think that there was enough investment into infrastructure and education in order to make this growth sustainable. Because cycles come and go, it is important to use the opportunity of a high cycle to invest for the long-term.
Productivity growth has been a real drag on the Mexican economy over the last several years. All structural reforms have had the aim to improve productivity.
Potentially lower energy prices in the world are the result of new technologies and the possibility to liquefy gas and ship it to other latitudes. I believe that, over the mid-term, some of that growth has been missed out by some emerging markets.
With a well-educated labour force, which is a prime factor, I believe it doesn’t matter whether you have the natural resources or not.